Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0897%/8h= −98.2% APRpaid last 24h −0.300%

Price spread now: BingX against Kraken Futures−0.165%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2,292as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2,289as in the Price arb table

costs, in and out, $10k−$2,27622.757% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 4 days (all we have)+0.292%+$29 · spread now −0.165%, 7d avg −0.033%

Together, before fees+0.125%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and BingX is 0.131% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.167% in total (about -8.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TRBUSD	19.435	0.0997	pay 0.0125% / 1h	55m 12s	$103K	$99K	10x
Short	BingX TRB-USDT	19.403	0.0100	get 0.0050% / 4h	3h 55m	—	$18.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.165%Rate

Funding earned: −$188.3
Price spread: −0.165% → −0.033%: −$13.15
Slippage, 4 orders: −$2,255.71
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$2,477.15
Costs to cover: 22.757%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 62 min ago; BingX: live order book, 8 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kraken Futures live order book, 62 min ago	20.69 bp	2192.6 bp −$2,193	17922.9 bp −$179.2K	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	4.66 bp	21.8 bp −$22	62.7 bp −$627	285.2 bp −$28.5K	422.6 bp −$211.3K

TRB on 13 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin TRB-USDT	+0.0053%	4h	19.306	−0.664%	$366K	$172K	50x	as long as short
Hyperliquid TRB	+0.0100%	1h	19.396	−0.201%	$484K	$261K	3x	as long as short
Aster TRBUSDT	+0.0100%	4h	19.354	−0.417%	$10K	$20K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.381	−0.276%	$5.2M	$11.0M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.407	−0.144%	$6.4M	$2.1M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.400	−0.180%	$4.5M	$5.2M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.391	−0.226%	$15.6M	$1.0M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.384	−0.262%	$1.2M	$316K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.393	−0.216%	$1.3M	$1.5M	50x	as long as short
BingX TRB-USDTshort	+0.0100%	4h	19.403	−0.165%	—	$18.1M	—

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0100%	4h	19.331	−0.537%	$15K	$4K	—	as long as short
Gate TRB_USDT	+0.0408%	4h	19.360	−0.386%	$573K	$2.0M	50x	as long as short
Kraken Futures PF_TRBUSDlong	+0.0997%	1h	19.435	long leg	$103K	$99K	10x